Paragon Financial Group is funding during the COVID-19 crisis.

Texas Staffing Company – Government Contracts – Payroll Funding

Payroll FundingSpeedy Factoring Saves Staffing Company
Invoice Factoring for Payroll Funding

Client: A staffing company based in DeSoto, Texas, with many state government contracts

Industry: Staffing


In business for five years, the Company hit a growth spurt and began factoring with another company. Unfortunately, they fell behind on their payroll taxes and the IRS put a lien on their business. Their factor cut them off immediately, on a Monday. But, they had a huge payroll to meet on Friday, just five days away. They conducted an Internet search and called Paragon Financial. We found their track record with the other factor was clean and the dilution was very small. We agreed to help them out, but we had to move quickly.

The Challenges:

We needed to get the IRS to subordinate their lien, but since we have extensive experience working with the IRS we knew there was no way that could happen inside of five business days. They usually need about a month and a half. But we knew where to turn for help and connected the Company with Tax Guard, a long-term partner of ours, to negotiate and work with the IRS. The Company already had a payment plan in place with the IRS, so Tax Guard felt confident they could get the subordination in the near future. Working together, we devised a plan for Paragon to monitor the payment plan with the IRS and to pay the IRS directly out of their reserve.

In the due diligence process, Paragon found a second challenge – another lien from a finance company on a small loan. We had to work fast to get that lien subordinated too, but we still managed to meet our deadline that was just days away.

The Deal: A $500,000 invoice factoring line of credit.

Result: Paragon was able to get factoring in place in less than five business days and the Company met their payroll funding deadline on Friday, a critical component for their continued business.

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Texas Staffing Company – Government Contracts – Payroll Funding

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